Friday 29 Mar 2024
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KUALA LUMPUR (April 12): The FBM KLCI pared some of its gains at mid-morning today, tracking its regional peers.

At 10am, the FBM KLCI was up 1.07 points to 1,870.96. The index had earlier risen to a high of 1,873.27.

Losers led gainers by 282 to 269, while 278 counters traded unchanged. Volume was 1.02 billion shares valued at RM410.83 million.

The gainers included Hengyuan Refining Co Bhd, Petronas Gas Bhd, Ajinomoto (M) Bhd, Fraser & Neave Holdings Bhd, Heineken Malaysia Bhd, Tenaga Nasional Bhd, Petron Malaysia Refining & Marketing Bhd, Malaysian Pacific Industries Bhd and Kuala Lumpur Kepong Bhd.

The actives included Sapura Energy Bhd, UMW Oil & Gas Corp Bhd, Sumatec Resources Bhd, Borneo Oil Bhd, SKH Consortium Bhd, PUC Bhd and Hibiscus Petroleum Bhd.

The losers included Nestle (M) Bhd, Cahya Mata Sarawak Bhd, LPI Capital Bhd, Globetronics Technology Bhd, Hong Leong Financial Group Bhd, ViTrox Corp Bhd, Kobay Technology Bhd, Astro Malaysia Holdings Bhd and Malayan Banking Bhd.

Asian stocks came under pressure on Thursday as the threat of imminent US military action in Syria rattled investors and sent oil prices to their highest levels since late 2014 on concerns about supply, according to Reuters.

MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.05% in early trade while Japan's Nikkei dropped 0.4%, it said.

Hong Leong IB Research in a traders' brief said although China President Xi Jinping managed to calm the market in the speech, US President Donald Trump's move on Russia has created a new concern, geopolitical tension which may trigger further volatility in the already-weak market sentiment.

"With this new factor coming into [the] picture, the Dow's next support will be pegged around 23,000-23,500.

"On the local front, profit-taking activities could emerge after the recent relief rebound on small caps and lower liners as well as comments from Donald Trump signalling a geopolitical tension risk.

"Hence, the FBM KLCI could be capped along 1,876. Nevertheless, oil and gas stocks may sustain [their] trading momentum amid steadier Brent oil prices above US$70," it said.

 

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